Petra https://petradevelopment.com/ Forging a better tomorrow. Sat, 11 Nov 2023 15:28:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://petradevelopment.com/wp-content/uploads/2023/07/cropped-Asset-4-32x32.png Petra https://petradevelopment.com/ 32 32 Prince George’s tax subsidy worth $33 million to boost Oxon Hill mixed-use project https://petradevelopment.com/prince-georges-tax-subsidy/ Sat, 11 Nov 2023 15:21:41 +0000 https://petradevelopment.com/?p=987507802 The post Prince George’s tax subsidy worth $33 million to boost Oxon Hill mixed-use project appeared first on Petra.

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Local lawmakers in Prince George’s County have approved a tax incentive worth an estimated $33 million for a big mixed-used project in Oxon Hill, which in turn is hoped to spur further economic development in the area. An affiliate of D.C.-based Petra Development is behind the “The Promise,” planned to comprise 808,000 square feet of mixed-use development, including senior living, more than 100 affordable units, a grocer and day care at 1501 Southern Ave., about a quarter mile from the Green Line’s Southern Avenue Metro station.

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Zero Energy, Smart Building Development https://petradevelopment.com/petra-development-announces-petra-park/ Mon, 11 Sep 2023 03:37:44 +0000 https://petradevelopment.com/?p=987507539 The post Zero Energy, Smart Building Development appeared first on Petra.

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Here are 10 of the most expensive and biggest development projects underway in suburban MD. https://petradevelopment.com/suburbanmd/ Tue, 05 Sep 2023 19:36:56 +0000 https://petradevelopment.com/?p=987507508 The post Here are 10 of the most expensive and biggest development projects underway in suburban MD. appeared first on Petra.

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As elsewhere in Greater Washington, mixed-use projects around Metro feature large in suburban Maryland’s development scene — not least in Prince George’s County, which aspires to become the region’s next boomtown.

Montgomery County has economic aspirations of its own and is well known for its dominance in the life science industry. That dominance has continued to attract a lot of new development and office-to-lab conversion projects. But don’t underestimate Prince George’s, historically a lower-income bedroom community for D.C., as a rising economic star. Indeed, eight of the 10 big projects showcased in this gallery call Prince George’s home.

Both Montgomery and Prince George’s will probably benefit immensely from the much anticipated, albeit delayed, Purple Line. That new light-rail corridor will connect several suburban economic centers between the two counties, without dipping into D.C. first, as Metro lines do.

Read Full Article in Bizjournals.

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Vacant K Street office targeted for residential conversion could still land full-building occupant https://petradevelopment.com/vacant-k-street-office-targeted-for-residential-conversion-could-still-land-full-building-occupant/ Wed, 09 Aug 2023 20:14:00 +0000 https://petradevelopment.com/?p=520 The fate of a vacant K Street NW office building should be sealed by the end of the year. In its quarterly earnings call Aug. 3, Starwood Property Trust (NYSE: STWD) President Jeffery DiModica updated analysts on a downtown D.C. building where it holds a $120 million loan — which sources have confirmed to Washington […]

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The fate of a vacant K Street NW office building

should be sealed by the end of the year.

In its quarterly earnings call Aug. 3, Starwood

Property Trust (NYSE: STWD) President Jeffery

DiModica updated analysts on a downtown D.C.

building where it holds a $120 million loan —

which sources have confirmed to Washington

Business Journal as 1200 K St. NW. While

Starwood continues to work through a possible

sale to convert the 389,975-square-foot building to

residential, it’s also hunting a possible office

tenant, which DiModica didn’t name.

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Petra Development is sole bidder for prime site in receivership in The Gate in Frisco https://petradevelopment.com/thegate/ Tue, 31 Jan 2023 19:29:00 +0000 https://livepetra.wpengine.com/?p=1 This will be the first sale of a commercial property being held in a judge-ordered receivership holding the assets and entities of developer Tim Barton.

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This will be the first sale of a commercial property being held in a judge-ordered receivership holding the assets and entities of developer Tim Barton.

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